C Channel, a Japan-based media company backed by multiple corporates, has been listed on the Tokyo Stock Exchange’s Pro Market, which converted preferred shares into common stock without a public offering taking place.
Founded in 2015, C Channel runs media and e-commerce services targeting the female demographic. Proceeds from the listing will go to recruitment, e-commerce and fundraising capabilities.
The company raised ¥700m ($6.3m) from investors including internet and telecommunications firm SoftBank in March this year, according to Media Innovation Guild.
C Channel had collected an undisclosed amount in 2019 from media company Asahi Broadcasting Corporation, marketing group Hakuhodo DY, IT services firms Seraku and NEC Corporation, banks Nanto Bank and SBI Holdings, and venture capital firm Venture Labo Investment.
ABC Dream Ventures, Nanto CVC, SBI Investment and CSV Venture Fund participated on behalf of Asahi Broadcasting, Nanto Bank, SBI and NEC, respectively.
Legend Capital, the VC firm sponsored by conglomerate Legend Holdings, joined Dream Incubator to invest an undisclosed amount in C Channel in mid-2018 after broadcaster TBS had provided a multimillion-dollar amount two years before.
C Channel’s $4.2m seed round in 2015 included e-commerce firm Rakuten, internet companies GMO, Gree and Nexyz, fashion services provider iStyle, talent agency AsobiSystem, digital marketer MAK Corporation and corporate-backed fund B Dash Ventures. GMO invested through GMO Venture Partners.
SoftBank is the company’s largest shareholder, owning 29%, followed by C Channel founder Akira Morikawa’s asset holding company, One Step (20.7%), Jafco (8.9%), C Channel director Takaomi Saegusa’s Iwai vehicle (5.6%), IT services firm Transcosmos (4.7%), Legend Capital (3.5%) and B Dash (2.2%).
Mitsui Sumitomo Insurance Venture Capital, a subsidiary of insurer Mitsui Sumitomo, has a 2% stake while iStyle, Gree, Nexyz and MAK Corporation each holds 1.7%.
